“Given the evolving nature of crypto assets and the differentiated financial regulatory architecture in different jurisdictions, it may not be possible for all jurisdictions to adopt a common regulatory approach or accommodate them under existing laws,” read the submission by Vidhi Centre for Legal Policy (Vidhi) to a public consultation floated by the Financial Stability Board (FSB). The submission said that FSB’s recommendations state that national authorities must have a “comprehensive” framework for regulating crypto assets and stablecoins but it may be challenging for authorities to “pigeonhole” all crypto assets under a single asset class. Vidhi added that reliance on existing laws to regulate crypto assets in certain cases will lead to “under-regulation of the sector”. It urged FSB to offer pointers on how authorities can design their regulatory approaches and where there may be a need for a “bespoke” regulatory framework. What is the Financial Stability Board (FSB): It is an international body that monitors and makes recommendations about the global financial system with a mandate to maintain financial stability. The consultation was floated by the FSB on October 11, 2022, with a view to invite feedback on questions concerning the regulation, supervision and oversight of crypto asset activities and stablecoins. You can read the consultation here. Why it matters: It is important to note Vidhi’s submission because it offers a good reference point to Indian legislators on what they need to keep in mind while coming up with a regulatory framework for India. The country, on its part,…
Key takeaways from Vidhi’s submission to FSB’s consultation on regulating crypto assets
In its submission, Vidhi urged the Financial Stability Board (FSB) to offer pointers on how authorities can design their regulatory approaches
- Explained: The G20 Task Force On Digital Public Infra for Economic Transformation, Financial Inclusion & Development April 1, 2023
- MediaNama Daily: The Great Indian Surveillance Spectacle April 1, 2023
- Are Courts Doing Enough To Question “Proportionate” Intrusions on Privacy And Other Rights? #NAMA March 31, 2023
- Why did PhonePe cancel its deal to acquire ZestMoney? March 31, 2023
- RTI: Chennai police confirms 9 drones as part of a Drone Police Unit and here’s why it’s important March 31, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...